Archive for Sep 2009

THE SOUND OF SILENCE, AND THE “DUTY TO SPEAK” PERIL

Can you be forced into a contract by someone making you an offer and telling you that you will taken to have accepted it if you remain silent? Generally not – our law requires active acceptance before a binding agreement is formed. But there is an important exception to this rule, and it was neatly…

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PYRAMID SCHEMES – THE REPAYMENT RISK (AND INNOCENCE IS IRRELEVANT!)

A pyramid scheme must, by definition, eventually collapse; leaving (statistically) up to 88{386da21712306c7ea1ec53b34b97fadb8c0ec5caeb4fa51813505ee2700f52b4} of investors queuing for whatever the liquidator is able to recover for them from the perpetrators. Even those investors who “got out early” can expect a claim for repayment from the liquidator, and a recent High Court judgment illustrates the dangers of…

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TAX RETURNS DUE SOON!

SARS has gazetted the following deadlines for submission of income tax returns for the 2009 tax year: – Individuals and other taxpayers except companies (“natural persons, trusts and other juristic persons, such as institutions, boards or bodies”) – Manual returns, by 18 September 2009; or Electronic format via e-filing, by 20 November 2009 Companies –…

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CLOSE CORPORATIONS: TO CONVERT OR NOT? THAT IS THE QUESTION

Now that the new Companies Act has been signed into law, should you rush to convert your company to a close corporation (or vice versa)? Note firstly that, until the new Act actually comes into force next year (10 April 2010 at the earliest), you can continue to register new CCs, and to convert between…

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